Reply To: BACS payments


2 years ago I wrote to all our private tenants & initially offered BACS – enclosing a form for them to fill in & return

i sent gentle reminders to the ‘hardcore’ element and we also trawled thru their current claim and banged them onto BACS where any bank details were held by us

then i sent letters telling them we were stopping payment by cheque which seemed to do the trick as we now pay over 97% by BACS. The only ones left as cheque pyts are the 2 customers who want pyt by chq cos otherwise the HB will just reduce their overdraft…….and the handful of pensioners who kept giving us wrong info which led to delayed payments so we reverted back to chq cos they were getting stressed (so were we!)

any new PT claimant is told we pay by BACS only so we get their details off em at start of claim process

A BACS payment costs about 0.01. Issuing cheques costs about £4000.00 per cheque (I exaggerate but it’s vastly more expensive). Given things like Gershon, BACS is the only way to go. We saved over £4k by paying by BACS last year